Pay close attention to the benefit terms if you're
comparing guaranteed issue policies.
Of course, these three companies are not your only options when
comparing guaranteed issue policies.
Not exact matches
Guaranteed issue life insurance
policies have significantly lower death benefit amounts
compared to term or permanent
policies.
In this guide, we'll thoroughly explain what
guaranteed issue life insurance is, clarify any confusing facts out there,
compare the pros and cons, talk about why you may not need it, go over the top three companies, and explain how to purchase a
policy.
However, the
guaranteed issue amount may not provide as much life insurance as the policyholder needs when
compared to other
policies.
A
guaranteed issue policy is available to everyone, healthy or not, but the ease of purchase is reflected in higher premiums as
compared to term life insurance for the same coverage amount.
That being said, the premium cost of a traditionally underwritten life insurance
policy should be
compared with a
guaranteed issue plan in this particular case, as often the difference in cost can be two — or even three — times higher.
However, all
guaranteed issue policies have a two year waiting period, and they are much more expensive (can be as much as 300 % more)
compared to burial
policies sold by agents.
The price on a
guaranteed issue policy is absolutely going to be higher
compared to a
policy that does have health questions.
That being said however, we would recommend that you give us a call so that we can
compare Mutual of Omaha's
guaranteed issue policy with several others that we also offer so that you're sure to get a great deal.
When
compared to other traditional term or whole life insurance products,
guaranteed issue life insurance
policies tend to be pretty expensive «dollar for dollar».
Now we're not saying that what you pay month to month is going to be super expensive, but when you
compare what you need to pay vs the amount of coverage that you actually receive,
guaranteed issue life insurance products will generally be more expensive than other life insurance
policies which require you to «medically» qualify.
Second,
guaranteed issue life insurance
policies can be pretty expensive when you
compare the price you are paying vs the actual amount of coverage you are receiving.
At GuaranteedIssueLife, we recommend that anyone considering a
guaranteed issue policy to work with an independent agency capable of
comparing rates across multiple carriers.
Both a
guaranteed issue and simplified
issue are forms of life insurance without having to complete a medical exam and you could get covered in minutes or days
compared to months with other life insurance
policies.
We suggest working with an experienced, independent agent who can determine if a
guaranteed issue or simplified
issue policy is the best choice and quickly
compare rates.
Compared to other types of insurance,
guaranteed -
issue policies have a lower face value (usually less than $ 25,000).
Now we're not going to say that
guaranteed issue life insurance
policies are extremely expensive, however, when you
compare how much you need to pay vs how much life insurance coverage you actually receive, what you'll find is that
compared to traditional life insurance
policies,
guaranteed issue life insurance
policies are going to be pretty expensive.
If you are thinking about purchasing a
guaranteed issue life insurance
policy, in addition to other things including price, you should definitely
compare the different «graded death benefit» clauses that are out there so that you're fully aware of what you're actually purchasing.
The second major disadvantage to most
guaranteed issue life insurance
policies is that when you
compare them to other «more traditional» types of life insurance
policies, they tend to cost more «dollar for dollar».
When
compared with other traditional types of life insurance
policies which will require you to qualify for them «medically»,
guaranteed issue life insurance
policies will generally cost significantly more «dollar for dollar».
With a preference given to companies that offer
guaranteed issue health insurance,
compare rates online, taking note of the differences in the
policies.
With our focus on the
guaranteed issue whole life insurance
policy, we should note that you should consider shopping around and
comparing other final expense insurance quotes.